tradersams blog

Oz Mineral open

OZL:  Opened a position in Oz Minerals on friday at 1.285.

A nicely defined upwards triangle has formed over the last 3 months or so.  As you can see I basically decided it wasn’t going to form at the end when it dropped out the bottom of the formation, breaking the upwards trend line – however (benefit of 20-20 hindsight and looking more carefully) you can see that when the price came out the bottom of the formation the volume all but dried up.

The price has now broken upward, effectively completing the original pattern, and busting the failed pattern – so enter long.

Good healthy volume, lets see where this goes.